Oil higher

Tokyo: Oil prices extended gains to hit their highest level in nearly two weeks on Monday, buoyed as Asian shares joined a global recovery in equity markets and as worries grew over tensions in the Middle East.

Prime Minister Benjamin Netanyahu said on Sunday that Israel could act against Iran itself, not just its allies in the Middle East, after border incidents in Syria brought the Middle East foes closer to direct confrontation.

U.S. West Texas Intermediate crude for March delivery was up 73 cents, or 1.2 percent, at $62.41 a barrel by 0600 GMT, after earlier touching its highest since Feb. 7. London Brent crude was up 52 cents, or 0.8 percent, at $65.36, after rising more than 3 percent last week.

"The upside momentum since WTI hit last week´s low of $58 has been continuing," said Tetsu Emori, CEO of Emori Capital Management in Tokyo.